The first period was relatively even, with both sides having a couple of chances each to get the go-ahead goal.
Jarvis Hunt and Ales Padelek went close for the Phantoms, whilst Jordan Marr stood firm at the other end as the first frame ended goalless.
Bobby Chamberlain put MK ahead with a redirect in front of net on the power play, before Sean Norris wristed an effort beyond Marr to double the advantage.
Liam Stewart made it three early in the third period, before Chamberlain added his second of the night to put the home side into a comfortable lead.
Phantoms got on the board through man of the match Ross Clarke, who rushed into the zone and took a pass from Jasper Foster, before firing through the legs of Matt Smital.
Norris resorted MK’s four goal lead with 48:15 on the clock.
But the Phantoms didn’t roll over. Tom Barry notched his first Phantoms goal with a shot into the top corner to threaten an unlikely comeback.
Duncan Speirs made it a two goal game in the final minute, but the Phantoms return home without any points despite a hearty performance.
Phantoms have a quick chance of revenge as MK visit Planet Ice tomorrow (March, 28, 7.30pm face off).